It has paid the amount towards settlement charges under the Sebi regulations that allow settling pending proceedings without admission or denial of any wrongdoing in certain cases.
Hotel Polo Towers has settled a case related to alleged disclosure lapses in share transactions with markets regulator Sebi on payment of Rs 14.26 lakh as settlement charges. It has paid the amount towards settlement charges under the Sebi regulations that allow settling pending proceedings without admission or denial of any wrongdoing in certain cases. “Accordingly, the adjudication proceedings initiated against the applicant and the possible proceedings for other violations … are settled,” Sebi said in a settlement order while adding it would not initiate any enforcement action for the alleged defaults.
The regulator had initiated adjudication proceedings against Hotel Polo for its failure to make disclosure under Sebi’s PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeovers) norms for share transactions conducted during December 27-30, 2011 as well for transactions in January and March 2012 in the matter of Nyssa Corporation — earlier known as Ravinay Trading Company.
While adjudication proceedings were pending against Hotel Polo Towers, it had offered to settle the case on payment of about Rs 14.26 lakh towards settlement charges.
Thereafter, Sebi’s High Powered Advisory Committee recommended the case for settlement on the payment of the amount. This was also approved by Sebi’s panel of full-time members, following which it remitted the amount.
Accordingly, the Securities and Exchange Board of India has disposed of the adjudication proceedings initiated against the company. It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the entity is found to be untrue.